<2024> Technology Trend and Market Outlook for Cathode Materials of Lithium-ion Secondary Batteries(~2035)
The lithium-ion secondary battery market is shifting from small IT applications toward a more substantial focus on electric vehicle (EV) and energy storage system (ESS) markets. Demand for lithium-ion batteries in EVs is rapidly increasing, driving growth in the market for cathode materials used in these applications.
Cathode materials, which play a crucial role in supplying lithium in lithium-ion secondary batteries, include layered structure materials such as LiCoO₂ (LCO), Li(Ni1-x+yCoxMny)O2 (NCM), Li(Ni1-x+yCoxAly)O2 (NCA), and spinel-structured LiMn₂O₄ (LMO). Recently, LiFePO₄ (LFP) cathode materials, favored for their cost efficiency and driven by China's EV market expansion, have also gained substantial industry attention.
Due to its superior physical and electrochemical properties and high energy density, LCO is often used as a cathode material for mobile IT devices, though the high cost of cobalt is a significant drawback. LMO, on the other hand, is cost-effective and has excellent thermal stability, though it has limitations such as lower reversible capacity and reduced lifespan at high temperatures.
NCM, which enables high discharge capacity, can reach approximately 200 mAh/g with nickel content over 80%. South Korean cathode material companies have been actively researching high-capacity Ni-based cathode materials over the past decade, making NCM and advanced derivatives like NCMA mainstream in the market.
LFP, with its affordable iron-based composition, has gained a competitive edge in cost-efficiency. With the recent surge in prices of raw materials like cobalt and nickel for ternary materials, LFP’s cost advantage has become more pronounced. A novel technology, LMFP (LFP with added manganese), addresses the limitations of LFP and has been adopted by major Chinese manufacturers like CATL, BYD, and Gotion for commercialization. LFP batteries surpassed the share of NCM (nickel, cobalt, manganese) and NCA (nickel, cobalt, aluminum) ternary batteries in China’s EV market after September 2020, growing from 17% in 2020 to 36% in 2022. Global automakers such as Tesla, Volkswagen, Ford, and Stellantis are also exploring the potential of LFP batteries.
High Voltage Mid-Nickel (HV Mid-Ni) NCM, initially commercialized by Umicore, fell out of favor with the rise of high-nickel alternatives due to issues such as material cracking and reduced battery life. However, with advancements in single-crystal anode materials and improved battery technologies, HV Mid-Ni NCM is re-emerging as a viable competitor to LFP. South Korean companies that use high-nickel materials are considering expanding their investment in this area.
Cathode materials, one of the four primary components (cathode, anode, electrolyte, separator) of lithium-ion secondary batteries, account for approximately 30-40% of the overall cost. Thus, to commercialize large-scale lithium-ion batteries, improving cathode performance while reducing costs is essential. Globally, there are over 200 cathode material manufacturers, with around 100 to 150 actively engaged in production. Japan has around 20-30 companies, Korea around 15-30, and China and other regions around 100-150. Umicore, a multinational company in Belgium, is also notable in the sector. Additionally, there are approximately 150 companies worldwide that supply raw materials and precursors for cathode materials.
The global cathode materials market is dominated by companies in China, Japan, and Korea. Chinese companies have emerged as leaders, leveraging domestic demand and the growth of major Chinese battery makers, while Japanese firms rely on advanced precursor technologies to compete. Korean companies face intense price competition from Chinese suppliers and technological competition with Japanese firms.
This report provides insights into the latest technical trends across various cathode material types, with a focus on Ni-rich NCM. It also explores cobalt-free cathode technologies and single-particle cathode developments. Additionally, chapters are dedicated to emerging technologies for LFP and LMFP cathodes, high-voltage cathode technologies, and their manufacturing processes.
In-Depth Report Highlights:
• Gain insights into the latest technologies for high-interest LFP and high-voltage (HV) cathode materials.
• Understand the advancements in Ni-rich NCM cathode materials.
• Explore new developments in cobalt-free and single-particle cathode materials.
• Obtain data on production, demand, and capacity expansion plans for cathode materials by major producers and cell manufacturers.
• Access comprehensive information on major cathode producers in China, Korea, and Japan.
• Discover detailed information on the manufacturing processes of ternary and LFP cathodes.
• Analyze supply and demand forecasts for cathode active materials (CAM) by major battery manufacturers, and gain market outlook insights.
• Track the evolution of cathode material trends over the past 3-5 years.
ChapterⅠ. Status of Cathode Material Technology & Development Trend
1. Introduction 13
1.1 Status of Cathode Material Development 13
1.2 Design Criteria 30
1.2.1 Ionic Bonding and Covalent Bonding 32
1.2.2 Mott-Hubbard Type and Charge Transfer Type 34
1.2.3 Concept of Charge transfer Reaction in 3d Transition in Solid Phase 37
1.2.4 Concept of Diffusion in Solid Phase and Two-Phase Coexistence Reaction 38
1.3 Characteristics required in Cathode Materials 41
2. Types of Cathode Material 43
2.1 Layered Composites 43
2.1.1 LiCoO2 43
2.1.2 LiNiO2 48
2.1.3 LiMO2 (M = Fe, Mn) 50
2.1.4 Ni-Mn Based 53
2.1.5 Ni-Co-Mn 3-Component System 55
2.1.6 Li-rich layered compounds 60
2.2 Spinel based Composites 73
2.2.1 LiMn2O4 73
2.2.2 LiMxMn2-xO4 76
2.3 Olivine based Composites 78
2.3.1 LiFePO4 78
2.3.2 LiMPO4 (M = Mn, Co, Ni) 85
2.3.3 CTP (Cell-to-Pack) Technology 88
2.4 Low-cost electrode materials 90
2.4.1 NMX: Co-free Cathode materials 91
3. Other cathode material 97
3.1 Fluoride based composites 97
Chapter Ⅱ. Ni-Rich NCM Technology
1. Introduction 106
2. Issues of Ni-Rich NCM 107
2.1 Cation mixing 108
2.2 H2-H3 Phase 112
2.3 Residual lithium compounds 113
3. Solution to Ni-Rich NCM Issues 115
3.1 Transition metal doping 116
3.2 Surface modification 122
3.3 Concentration gradient structure 134
3.4 Single crystal approach: Long-Life Characteristics through Single Particles 147
Chapter Ⅲ. HV (High Voltage) Cathode Technology
1. HV Cathode Current state 160
1.1 Current status in China 162
1.2 Current status in Korea 165
1.3 Current status in Japan 168
2. HV Cathode Active Material 170
2.1 LMFP (Li(M)FePO4) 172
2.2 LNMO : LNMO(LINI0.5MN1.5O4) 177
2.3 LCO (LiCoO2) 183
2.4 Li rich Manganese NMC(L1.2Mn0.54N0.13C0.13O2) 194
2.5 HLM : LMNCO (L1.2Mn0.54N0.13C0.13O2) 195
3. Issues of HV Cathode Active Material 196
3.1 Surface degradation 197
3.2 Gas release 198
3.3 Phase transformation 199
3.4 Microcracks 200
3.5 Degradation of LCO bulk & interface 201
3.6 Formation & Evolution Mechanism of CEI 202
3.7 Parasitic Oxidation Reaction at LCO 203
3.8 Transition Metal Dissolution at LNMO 204
3.9 Surface Cracks and Phase Changes 205
3.10 Degradation of Li-rich Manganese NMC cathode 206
4. Solutions to HV Cathode Active Material
4.1 Element Doping 207
4.2 Surface Coating 210
4.3 Single Crystal (SC) Favbrication 215
4.4 Structural Design (Connection Gradient) 217
4.5 Multifunctional Electrolyte Additives 220
Chapter Ⅳ. Manufacturing Process of Cathode Materials
1. Manufacturing Process of Cathode Materials (NCM) 225
1.1 Mixing 227
1.2 Calcination 229
1.3 Crushing 230
1.4 Sieving 232
1.5 Magnetic Separation 233
2. Manufacturing Process of Cathode Materials ((LFP) 234
2.1 Solid-state Synthesis Method 236
2.2 Liquid-phase Synthesis Method 237
2.3 Precursor Method 238
3. Manufacturing Process of Precursor 239
3.1 Production Flow of Ni-based NCM 240
3.2 Production Flow of LFP (Solid-state Method) 243
3.3 Production Flow of LFP (Liquid-phase Method) 248
3.4 Post Reactor/Reactor Process 252
4. Evaluation of Cathode Material Characteristics 255
4.1 Chemical Composition Analysis 255
4.2 Measurement of Specific Surface Area 255
4.3 Particle Size Measurement 256
4.4 Tap Density Measurement 256
4.5 Measurement of Moisture Content 256
4.6 Measurement of Residual lithium Carbonate 256
4.7 Thermal Analysis 256
4.8 Particle Strength 256
5. Manufacturing Process of Cathode Plate 257
Chapter Ⅴ. Outlook for Global LIB Market (~2035)
1. Global Secondary Battery Installation Outlook 260
2. Global Secondary Battery Shipment Outlook 261
3. Global Secondary Battery Production Outlook 262
4. Global Secondary Battery Production Outlook by Suppliers 263
5. Global Secondary Battery Production M/S Outlook by Suppliers 264
6. Global Secondary Battery Production by Cathode Chemistry 265
7. Global Secondary Battery Production M/S by Cathode Chemistry 266
Chapter Ⅵ. Global Cathode Supply Status and Market Outlook
1. Demand Outlook by Cathode Application (’21~’35) 269
2. Demand Outlook by Cathode Chemistry (’21~’35) 270
3. Demand M/S Outlook by Cathode Chemistry (’21~’35) 271
4. Demand Outlook by Cathode Chemistry for EVs (’21~’35) 272
5. Demand Outlook by Cathode Chemistry for ESS (’21~35) 273
6. Secondary Battery Cathode Shipment Details (’21~24) 274
7. Secondary Battery Cathode Shipment Details by Country (2021~2024) 275
8. Shipment (Supply) Volume by Ni-based CAM Supplier (’21~’24) 276
9. Shipment M/S by Ni-based CAM Supplier (’21~’24) 277
10. Shipment (Supply) Volume by LFP Cathode Supplier (’21~’24) 278
11. Shipment M/S by LFP Cathode Supplier (’21~’24) 279
12. Comprehensive Analysis of CAM Supplier Status (as of 2023) 280
13. Comprehensive Analysis of LFP CAM Supplier Status (as of 2023) 281
14. Capa. Expansion Plan & Supply Demand Outlook of Multi-Component Cathode Material Supplier (’21~’30) 282
15. Capa. Expansion Plan & Supply Demand Outlook of LFP Cathode Material Supplier (’21~’30) 283
16. Price Outlook by Cathode Material (’21~’30) 284
17. CAM Market Size Outlook (’21~’30) 285
Chapter Ⅶ. Cathode Demand Status by LIB Maker
1. CAM Demand by Application and Chemistry (‘21~’24) 289
2. CAM Demand by LIB Maker (‘21~’24) 290
3. Demand for CAM by Chemistry from LIB Maker (‘21~’24) 291
4. CAM Demand and Supplier Status and Outlook for Major LIB Makers 297
CATL / LGES / BYD / SDI / SK On / Panasonic / CALB / Guoxuan / EVE / REPT
5. Supply-Demand Overview Among Key Players 318
Chapter Ⅷ. Status of Cathode Material Manufacturers
1. Korean Cathode Material Manufacturers 325
1.1 Ecopro 326
1.2 L&F 344
1.3 Posco Future M 358
1.4 Umicore Korea 384
1.5 LG Chem 400
1.6 SDI(STM) 416
1.7 Cosmo AM&T 426
1.8 SM Lab 440
1.9 Top Materials 447
2. Japanese Cathode Material Manufacturers 453
2.1 Nichia 454
2.2 Sumitomo Metal Mining 464
2.3 Toda Kogyo 483
2.4 Mitsui Kinzoku 496
2.5 Nippon Denko 502
3. Chinese Cathode Material Manufacturers 508
3.1 Ronbay 509
3.2 B&M 517
3.3 XTC 521
3.4 Reshine 527
3.5 Easpring 530
3.6 CY Lico 535
3.7 ShanShan 539
3.8 ZEC 544
3.9 BTR 548
3.10 Brunp 552
3.11 LIBODE 555
3.12Hunan Yuneng 558
3.13 Dynanonic 561
3.14 Hubei Wanrun 567
3.15 Lopal Technology 571
3.16 Rongtong Hi-TechV 576
3.17 Guoxuan(Gotion) 581
3.18 Youshan 586
3.19 Hunan Shenghua 587
3.20 Anda 589
3.21 Jintang Shidai 591
3.22 Shengfan 592
3.23 Pulead 594
3.24 Terui 597
4. Cathode Material Manufacturers in Other Regions 601
Chapter Ⅸ. Index